White Mountains Insurance Group Ltd. (WTM) said that its wholly owned subsidiary, White Mountains Solutions Holding Company, entered into a definitive agreement with American International Group Inc (AIG) to acquire American General Indemnity Company and American General Property Insurance Company from subsidiaries of American General.
As per the terms of the agreement, White Mountains Solutions will pay approximately $35 million. The transaction is expected to close during the third quarter of 2012, subject to customary closing conditions and regulatory approval from the Departments of Insurance in Illinois and Tennessee.
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